Meaning of "with the benefit of hindsight"

[14122006]

Can you explain to me the meaning and the context in which “with the benefit of hindsight is used”? Also, I am confused with the differences between “position” and “situation”.
Please help me with these two things. Thank you in advance.

[Torsten]

Can you please give us more context? Where did you come across the phrase “with the benefit of hindsight is used” and why do you think you have trouble distinguishing between ‘position’ and ‘situation’?

[Arinker]

@14122006

“with the benefit of hindsight”

I’m assuming that your quotation mark is misplaced.
It means “looking back”, or “knowing what I know now”.

I made a big purchase last year, but with the benefit of hindsight, I wouldn’t do that again.”